On September 24, TradingBeats monitoring showed that Hyperliquid address 0x4e23 closed its entire HYPE long position in batches this morning, totaling 178,800 HYPE. According to BlockBeats On-chain Detection, the position was worth about $16.45 million and resulted in a loss of about $250,000.

After the liquidation, the address kept only about 375 HYPE in spot holdings and 10,100 HYPE in staking as a defensive position, temporarily removing its leveraged exposure. It still has buy orders worth about $6.38 million between $87 and $89, while sell orders worth about $13.71 million are placed between $98 and $101.

The address had gone long HYPE last night and exited fully this morning, with both recent attempts to chase gains ending in losses. It also previously used similar repeated directional adjustments in SPCX U.S. stock trading to recover most of its losses.